Oct. 27, 2014, 4:40 PM
- Q3 FFO of $308M up 8.6% Y/Y. FFO per share of $0.33 up 13.1%.
- Comparable NOI of $548M up 5.4%. Quarterly dividend is $0.16.
- Tenant sales (excl. anchors) of $20.2B up 2.6% on a trailing 12-month basis. Same-store mall leased percentage of 96.8% up 20 basis points. Initial rental rates for executed leases commencing this year of $9.33 per square foot up 17.6% vs. the expiring leases.
- Full-year FFO is expected at $1.31-$1.33 per share. Q4 FFO of $0.37-$0.39.
- Conference call tomorrow at 9 ET
- Previously: General Growth Properties beats by $0.02, beats on revenue
- GGP flat AH
Oct. 27, 2014, 4:04 PM| Comment!
Oct. 26, 2014, 5:35 PM
Aug. 12, 2014, 6:02 PM
Jul. 28, 2014, 4:41 PM
- Q2 FFO of $0.31 vs. $0.27 one year ago. Dividend is $0.15.
- Same-store NOI of $437M up 5%.
- Tenant sales up 3.1% to $20B; up 0.6% to $563 per square foot.
- Same-store mall leased percentage of 96.5% up 60 basis points.
- Initial rent rates for leases commencing in 2014 of $62.93 per square foot up 14.4%.
- Full year FFO per share expected at $1.30-$1.32. FFO for Q3 forecast at $0.30-$0.32.
- Conference call at 9 ET
- Previously: General Growth Properties FFO in-line, beats on revenue
- GGP flat AH
Jul. 28, 2014, 4:19 PM| Comment!
Jul. 27, 2014, 5:35 PM
Jul. 3, 2014, 10:39 AM
- The Deal Malls Enthusiasts Facebook group boasts nearly 14K members, a Google search of "dead malls" produces 5.7M results, and the interiors of formerly bustling shopping meccas are more likely to see action as cameo players in campy horror films, writes Bloomberg's James Greiff.
- It's more than just Amazon, says Greiff, noting young millennials are less likely to buy cars (though the economy could have something to do with that), and a lot of the socializing that used to take place at malls now takes place online - killing much-needed foot traffic.
- Trying to hold back the tide, of course, are politicians who continue to deliver tax breaks and other benefits to mall owners.
- Mall REITs which may have interest: SPG, GGP, BRX, KIM, WRI, MAC, GRT, TCO.
May. 15, 2014, 6:35 PM| Comment!
Apr. 28, 2014, 4:45 PM
- FFO per share of $0.31 up 21.4% from a year ago.
- Tenant sales of $565 per square foot up 1.2% Y/Y. Same store mall leased percentage of 96.2% up 40 basis points. Initial rental rates up 10.8% to $67.75 per square foot.
- Repurchase of 27.,6M shares from Pershing Square in February for $20.12 each.
- FY FFO per share guidance of $1.30-$1.32. Q2 guidance of $0.29-$0.31.
- CC tomorrow at 9 ET
- Previously: General Growth Properties beats by $0.01, beats on revenue
- Source: Press Release
- GGP +0.6% AH
Apr. 28, 2014, 4:23 PM| Comment!
Apr. 27, 2014, 5:35 PM
Mar. 12, 2014, 7:34 AM
- A couple of equity REITs are upgraded at Barclays, with shopping mall owner General Growth Properties (GGP) boosted to Overweight with $26 price target and office building owner Brandywine Realty Trust (BDN) lifted to Equalweight from Underweight.
- Yesterday: The new CFO hire at Brandywine may prove pleasing to investors.
Feb. 26, 2014, 4:44 PM| Comment!
Feb. 11, 2014, 4:02 AM
- General Growth Properties (GGP) has repurchased all of Pershing Square's 28M shares in the company for $556M.
- General Growth Properties bought the stock for $20.12 each vs its close yesterday of $20.83.
- The deal comes after Bill Ackman's hedge fund sold 25M shares in the shopping-mall owner in September for $500M.
- Ackman helped rescue General Growth in 2009 by persuading it to file for bankruptcy and then taking part in its subsequent restructure.
- The investment has been one of Ackman's most profitable. In 2011, he told Bloomberg that it "turned $60M into $1.6B." (PR)
Feb. 4, 2014, 3:41 PM
- It's not entirely true that the growth in e-commerce is coming at the expense of physical stores, says General Growth Properties (GGP +1.1%) CEO Sandeep Lakhmi Mathrani on the earnings call (transcript). Prior to e-commerce, about 10% of total retail sales were through catalog and direct mail. Today, e-commerce accounts for 9% of total sales, suggesting it's catalog and direct mail bearing the brunt.
- Additionally, about half of online customers chose the ship-to-store option, allowing sharp retailers another avenue to complement their bricks-and-mortar presence to actually boost sales. Nordstrom reports multichannel shoppers buy 3x to 4x more than single-channel shoppers.
- Most interestingly, some traditionally online retailers are beginning to grow their brands by establishing bricks-and-mortar presences.
- Not only are retailers adapting, but so too are mall owners, he says, pointing out General Growth's partnership with Deliv to provide same-day delivery for customers ordering online or purchasing in a store.
- Previous earnings coverage
GGP vs. ETF Alternatives
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